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NEW YORK ~ The Templeton Global Income Fund (NYSE: GIM) announced an update regarding the upcoming Adviser Transition, where Saba Capital Management, L.P. will assume responsibility from Franklin Advisers, Inc. for providing investment management services to the Fund. The transition is set to occur on or about the close of business on December 31, 2023.
In preparation for the transition, the Board of Trustees has authorized Franklin Advisers to begin liquidating the Fund's portfolio to cash and cash equivalents prior to completion of the Adviser Transition. This will require departing from its stated investment objective and policies in order to liquidate its holdings.
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The announcement follows the results of a Special Meeting of Shareholders held on October 25, 2023, where shareholders voted in favor of approving a new investment management agreement between the Fund and Saba; making the Fund's investment objective "non-fundamental"; and removing the fundamental policy mandating that at least 65% of total assets be invested in at least three countries and various types of debt instruments.
Greg Marose and Kate Sylvester from Longacre Square Partners commented on this news saying "We are pleased with this announcement as it will provide greater investment flexibility for Templeton Global Income Fund".
In preparation for the transition, the Board of Trustees has authorized Franklin Advisers to begin liquidating the Fund's portfolio to cash and cash equivalents prior to completion of the Adviser Transition. This will require departing from its stated investment objective and policies in order to liquidate its holdings.
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The announcement follows the results of a Special Meeting of Shareholders held on October 25, 2023, where shareholders voted in favor of approving a new investment management agreement between the Fund and Saba; making the Fund's investment objective "non-fundamental"; and removing the fundamental policy mandating that at least 65% of total assets be invested in at least three countries and various types of debt instruments.
Greg Marose and Kate Sylvester from Longacre Square Partners commented on this news saying "We are pleased with this announcement as it will provide greater investment flexibility for Templeton Global Income Fund".
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